BID TV Can't pay creditors/staff/freelancers and suppliers

Good analysis, PP. I wonder if the relaunch will take place now that news has got out? Who'd want to be a supplier to this company now unless hard cash is paid upfront?

I have now received an official press release:

SIT-UP LIMITED ANNOUNCES CVA PROPOSAL

sit-up Limited, the digital broadcaster behind Price Drop and Bid TV, is finalising a restructuring plan by way of a Company Voluntary Arrangement.

The company was sold to Tnui Capital in December 2013. It currently broadcasts to more than 12 million homes, with over 300 hours of live demonstrations each week.

Commenting on the restructuring, Bryan Green, CEO of Tnui Capital, said: "A first class team has been assembled to drive through the restructuring of Bid TV and Price Drop. We believe the business will be preserved through a CVA which will save 350 jobs."

Will Wright, partner at KPMG and proposed ‘supervisor’ of the CVA, added: “The restructuring entails a £6 million investment from retail entrepreneurs Paul Wright and Val Kaye, which is conditional on the CVA being approved by creditors.”

He added: “In recent months, sit-up Limited has undertaken an enormous amount of work to restore margins and is developing a new operating model which will see it link with its suppliers in a more direct way. If agreed, the CVA, coupled with the investment from Paul Wright and Val Kaye, will be the final piece of the jigsaw, enabling the company to right-size its infrastructure and putting it on a much sounder footing.”

The creditors’ meeting will be held at KPMG’s Salisbury Square office on 18 March 2014 at 2pm. The proposal will require the approval of in excess of 75% (by value) of creditors voting

Not only are we looking to re finance...not only will suppliers loose out... not only will we be increasing delivery time to 25 working days... 0904 25... not only do we need the approval of 75% of you.... KPMG... we all know that name... Quality 0904 251.... not only will we save 350,000,000 jobs... not only will the perfume smell better...... my mistake 350 jobs... 0904 251200

They sound more like a struggling third division football club than a shopping channel but the difference when a football club goes bust is that there's an emotional attachment. This lot are losing what tiny amount of loyal customers they have by the hour because of their shystery.

It's embarrassing, exactly how much do they have to sell £1 products for to balance the books, £95?

i wonder why they've waited nearly four months and not done it when they bought sit up in december:mysmilie_506: and the same could be asked about the presenters that have left/ been let go. I also cat't see 75% of creditors voteing for this :sad:

Wirral70 said:

It's embarrassing, exactly how much do they have to sell £1 products for to balance the books, £95?

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Exactly. They talk of improving margins as if it's a step in the right direction, with no mention of having a product mix that people might want to buy or is at least vaguely competitive price-wise to other outlets. They need at least 75% support from creditors to push the CVA plan through but they're not dealing with typical Bid TV customers here.

Of course Sit-up staff as creditors will vote for the CVA through gritted teeth because they know it's Job Seekers' Allowance time otherwise, but everyone else may want their pound of flesh if others in their supply chain disagree with their assessment.

I see Christ Birkett has got himself sorted at IW as product tester/guest :mysmilie_59:

Wirral70 said:

They sound more like a struggling third division football club than a shopping channel but the difference when a football club goes bust is that there's an emotional attachment. This lot are losing what tiny amount of loyal customers they have by the hour because of their shystery.

It's embarrassing, exactly how much do they have to sell £1 products for to balance the books, £95?

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their fly by night outfit is designed for short term gain... they surely couldn't expect to be able to hoodwink people routinely.

Then again they probably did...

Price Plunge said:

Exactly. They talk of improving margins as if it's a step in the right direction, with no mention of having a product mix that people might want to buy or is at least vaguely competitive price-wise to other outlets. They need at least 75% support from creditors to push the CVA plan through but they're not dealing with typical Bid TV customers here.

Of course Sit-up staff as creditors will vote for the CVA through gritted teeth because they know it's Job Seekers' Allowance time otherwise, but everyone else may want their pound of flesh if others in their supply chain disagree with their assessment.

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Imagine know it all Gollum down the Dole? 'Let me quite literally tell you about a job I had'.

But my sympathy lies mostly with Schlock, he'll need an articulated lorry to ship his CV down to Crouch End Job Centre Plus.

I hope Ryes stays, I do like how he actually knows what he's talking about most the time & doesn't read from a prepared wiki script. I like his twitter as its often funny, his pics can be good:

Dear Mr. Green,

Please stop wasting your time (and money)
The problem with these channels are certain presenters who need restructuring in the form of a P45.

Then I would dig out those VHS tapes from 2002 and see why Bid.tv was as successful as it was back then.

Yours sincerely,

Paul_s

Hmm, Paul Wright and Val Kaye, the 2 people who started ideal World. Inter-vesting

Paul_s said:

Dear Mr. Green,

Please stop wasting your time (and money)
The problem with these channels are certain presenters who need restructuring in the form of a P45.

Then I would dig out those VHS tapes from 2002 and see why Bid.tv was as successful as it was back then.

Yours sincerely,

Paul_s

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Ha Ha.

Of course the trouble they have is that internet shopping wasn't so big in 2002. They have appalling products and appalling presenters and the prices are simply outrageous.

Apologies to all those people who work there but it's obvious they're finished, they ceased to provide what they claim (discount channel) many years ago. To be blunt they are pointless other than to provide a stage for supremely untalented, shameless show offs who at best should be performing at a pub (if they're lucky).

They offer nothing worthwhile, it's time they were liquidated and without delay so no more honest, decent people lose money.

Really no surprises here at all, The management re clueless, They employ folk like Gollum, Pervy Pete, Sherlock the smiling assassin, forget the tat they try and flog, with the standard of presenter alone they were ALWAYS going to fail, its genuinely like a freak show and that bad its funny, but what will not be funny is when the spineless, scummy, management venture into a new business and make another fast buck after bid goes down the gutter.

Wirral70 said:

Imagine know it all Gollum down the Dole? 'Let me quite literally tell you about a job I had'.

But my sympathy lies mostly with Schlock, he'll need an articulated lorry to ship his CV down to Crouch End Job Centre Plus.

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You're so naughty

All I have ever wanted for bid shopping is for them to change. To stop ripping people off, not to fail, but as they wouldn't stop ripping people off then I am not surprised it has come to this. I have more sympathy with the crew as they are not telling people the lies on a daily basis but as they were filming they must have heard names read out like they were the presenters best friends and seen the tat they were selling so if they had any integrity they would have left. But I am sad for any non presenting staff loosing their jobs.

PJ

I think you have all said it. The presenters are really awful. I've said it in previous posts, what kind of company would employ Sally Jaxx, Mike Mason etc to represent them? They are very unprofessional in my view. Personally, between the awful, low-end tat and the presenters, the entire thing needs rubbed out and started again! On the other hand, do we really need it at all?

Docswife said:

I think you have all said it. The presenters are really awful. I've said it in previous posts, what kind of company would employ Sally Jaxx, Mike Mason etc to represent them? They are very unprofessional in my view. Personally, between the awful, low-end tat and the presenters, the entire thing needs rubbed out and started again! On the other hand, do we really need it at all?

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I do hope these latest developments don't jeopardise the future launch of the much anticipated 'Sally Jacks x' clothing range.

And I'd be positively bereft without more additions to Peter Sherlock's 'Divine Decandence' masterpieces.

True. I quite forgot the eagerly awaited haute couture range from Salleh. Also, who would advise me on what's 'relly big' on the high street. Sometimes monochrome when she's selling black/white, pink, when she's selling something in pink....you get the picture. Where else would I turn to when i need cyclax, peacock inspired garden furniture, solar dragon statues, meerkat bird baths, migraine inducing bedding, phone/watches, brilliant if your up a ladder, Irish penny watches...the list of must-haves just goes on and on.....

Docswife said:

True. I quite forgot the eagerly awaited haute couture range from Salleh. Also, who would advise me on what's 'relly big' on the high street. Sometimes monochrome when she's selling black/white, pink, when she's selling something in pink....you get the picture. Where else would I turn to when i need cyclax, peacock inspired garden furniture, solar dragon statues, meerkat bird baths, migraine inducing bedding, phone/watches, brilliant if your up a ladder, Irish penny watches...the list of must-haves just goes on and on.....

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Well DW they've done Garden Gnomes and they've done Meerket Garden Ornaments but they excelled themselves today.

Meerket Gnomes.